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FINANCIAL MARKET BUBBLES AND CRASHESVOGEL H.wydawnictwo: CAMBRIDGE , rok wydania 2010, wydanie Icena netto: "One would think that economists would by now have already developed a solid grip on how financial bubbles form and how to measure and compare them. This is not the case. Despite the thousands of articles in the professional literature and the millions of times that the word "bubble" has been used in the business press, there still does not appear to be a cohesive theory or persuasive empirical approach with which to study bubble and crash conditions. " This book presents what is meant to be a plausible and accessible descriptive theory and empirical approach to the analysis of such financial market conditions. It advances this framework through application of standard econometric methods to its central idea, which is that financial bubbles reflect urgent short side - rationed demand. From this basic idea, an elasticity of variance concept is developed. The notion that easy credit provides fuel for bubbles is supported. It is further shown that a behavioral risk premium can probably be measured and related to the standard equity risk-premium models in a way that is consistent with conventional theory. Table of Contents
Pt. I Background for analysis Ch. 1 Introduction Ch. 2 Bubble stories Ch. 3 Random walks Ch. 4 Bubble theories Ch. 5 Framework for investigation Pt. II Empirical features and results Ch. 6 Bubble basics Ch. 7 Bubble dynamics Ch. 8 Money and credit features Ch. 9 Behavioral risk features Ch. 10 Crashes, panics, and chaos Ch. 11 Financial asset bubble theory App. A Methodological details for finding bubbles App. B Observation lookup table App. C Damodaran annual statistics Glossary References Index 358 pages, Hardcover
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